American Express has launched vPayment in the South African market, offering travellers and travel agents a safe, simple and reliable way to pay for their travel bookings.
vPayment controls and streamlines the payment and reconciliation process by assigning a unique American Express virtual account number and user-defined expense information to each transaction.
A bespoke transaction value and date range can be specified and associated with each virtual account number.
Key data elements such as employee ID, cost centre and all relevant booking references can also be associated with the account number.
Added controls minimise the opportunity for fraud, whilst enhanced data helps to streamline the reconciliation process.
For TMCs, the virtual card means there is no additional impact on cashflow – the virtual card carries the same costs and reconciliation processes as the traditional plastic card.